Choosing a Cryptocurrency Exchange

Knowing how to buy cryptocurrency is the first step in investing in e-currency. However, knowing what type of trading platform to choose is one of the most critical steps to take. Make sure you select the right one.

In this guide, we take you through the top items to consider in the checklist before making a decision on which exchange to use.

The Country Where the Exchange is Located

Knowing the country where the exchange is based on is vital because the laws and regulations can vary from one state to the next.  However, buying coins in your home country is recommended as you can be within the rules.

Despite the platform being in your home country, you need to make sure that it accepts multiple currencies. Always check the fine print, so that you know what kind of currencies they take and don’t accept. You need to work with a platform that accepts a wide range of currencies. The more the currencies accepted, the better. One of the top exchanges that you can work with is Bitsane. You can check out more information on Bitsane User Reviews – Selected Best.

How Can You Purchase the Coins?

You need to find out how you can purchase the coins from the platform. Some platforms allow you to buy coins, but they restrict the mode of payment that you can use. This doesn’t work for most people.

You need a platform that allows you to buy the coins in different payment modes ranging from PayPal to bank transfers.

You also need to consider the privacy levels when buying the coins, for instance, cash is safe while credit cards are the least private way to obtain the coins.

The Fees

You need to know the exchange fees that you have to pay for each transaction you make. Make sure that the exchange fees are reasonable and are not so exorbitant compared to the rest of the market.

However, these fees can change over time and vary from one exchange to the next. Some exchanges charge extra fees on top of the standard fees charged for exchange.

The Various Levels

Some exchanges use tier-based strategies to make sure you don’t endanger the other buyers on the market. The tier comes according to the way you buy and sell. You might get to a new tier if you buy a certain amount in coins. Each tier comes with its features, such as the ability to use different payment modes and more.

Transparency

You need to work with a coin exchange that is transparent in its dealings. The exchange needs to publish audit information and cold storage addresses on how you can verify the coin reserves. This audit information is a good way for the exchange to prove that it has enough liquidity to cover all the coins exchange transactions.

How Fast You Get the Coins

The need for speed varies from person to person. Some people need the coins within 30 minutes while others need them in a shorter or longer period. You need to know how long the exchange takes to deliver to coins to you after you purchase them. You also need to know the price the coins are locked at so that you know how many coins you receive even if it means staying for several days before receiving the coins.

Security

Make sure you work with a secure platform. First, the site needs to use the HTTPS protocol that supports the SSL protocol. The site should also offer secure logins with the option of 2FA protocol.

Final Words

Make sure the platform you choose to trade the coins has the right features to secure your investment.